Telangana chit fund ring busted, mastermind held

GURUGRAM: Telangana Police in coordination with Haryana STF busted a Rs 2,000-crore chit fund racket and arrested the mastermind from Subhash Chowk, Sohna Road, late on Thursday night. After the arrest of Radhe Shyam alias Naresh Sharma, a Hisar resident, his four accomplices were also arrested from Hisar. All five have been sent to Telangana.
Radhe Shyam was the CMD of Hisar-based FMLC Private Limited, which cheated thousands of Telangana residents of their hard-earned money on the promise of doubling their investments.

“Telangna Police contacted us on Thursday and informed about an FIR at the Kukatpally police station against this Hisar resident for allegedly violating Price Chit and Circulation Scheme Act and Section 420 (cheating) of IPC. The firm was primarily active in Telangana. We arrested Radhe Shyam and four others and they have been sent to Telangana,” said B Satheesh Balan, DIG (STF).

Sources claimed that the company lured people by promising to double their savings. Initially, the accused would show the investors that they were earning profits and gain their trust. However, as the investments increased, the accused gathered all the money and started shutting their offices. This led to protests by the investors.

“We are probing the roles of some other Hisar residents. We suspect this is a bigger scam. However, no complaints have surfaced against the company from Haryana, so far,” said Saurabh Singh, head of STF, Haryana.

“STF helped us trace Radhe Shyam and nab him. We cannot divulge details at this point as he is yet to be interrogated. The company had opened many offices in Telangana and managed to lure thousands of people who invested their savings with the company. After giving them high profits initially, the accused started shutting their offices and the investors lodged complaints with police. The accused and his accomplices were planning to flee with crores of money. So, we conducted a quick raid and arrested them,” said a senior police officer with Telangana Police who was involved in the operation.

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